Entrepreneurship in itself is an important driver of economic growth, job creation and competitiveness. It is what leads to the creation of SMEs it becomes a major contributor to the global economy and development. SMEs have a key role in ensuring economic growth in a sustainable manner. SMEs make up more than 95% of all businesses in the whole world. They represent a path out of poverty for many people across developing countries.
What are SMEs exactly?
As there isn’t a set definition of SME that applies globally each country gets to set its own definition, and they decide to set specific limits. In the European Union, a business with less than 250 employees is considered an SME. While on the other hand in US, an SME can have a lot more, up to 1,200 employees.